Real GDP fluctuates around...
What will be an ideal response?
potential GDP
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If capital per hour of labor decreases, real GDP per hour of labor
A) decreases because the level of technology decreases. B) increases because the level of technology increases. C) increases for a given level of technology. D) decreases for a given level of technology.
Costs that tend to deter firms from changing their prices in response to changes in the market equilibrium price are referred to as
A) large menu costs. B) small menu costs. C) real menu costs. D) burden costs.
If an import tariff is reduced, the domestic quantity demanded is ____ and the quantity supplied domestically is ____, ____ the quantity of goods imported. a. greater; lower; reducing
b. lower; greater, reducing. c. greater; lower; increasing. d. lower; greater; increasing.
Under perfect competition, a rightward shift of the market supply curve could be caused by
a. decrease in consumer demand b. technological advance c. high rate of inflation d. high interest rate e. increase in consumers' income for a normal good